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ADIB H1 profits soar 78%

ADIB H1 profits soar 78%
ADIB reported a 78% year-on-year hike in profits for H1-17
Abu Dhabi Islamic Bank
ADIB
-5.43% 41.60 -2.39

Cairo – Mubasher: Abu Dhabi Islamic Bank - Egypt (ADIB) reported a 78% year-on-year hike in profits for the first half of 2017 due to Murabaha proceeds, according to a bourse filing on Wednesday.

The bank achieved profits of EGP 338.9 million in the six months ended June 2017 from EGP 190.7 million in the corresponding period last year.

Murabaha proceeds increased 50% to EGP 1.84 billion in H1-17 from EGP 1.22 billion in H1-16.

Standalone profits rose 24% to EGP 211.9 million in H1-17, versus EGP 171.18 million in H1-16.

Consolidated profits amounted to EGP 73.74 million in the three months ended March 2017, compared to EGP 119.8 million in the same period of the year before.

By the end of Tuesday’s trading session, ADIB’s stock slipped 0.72% to EGP 9.84, with turnover of EGP 2.5 million.